Credits: Requirements for Moratorium Request

Legal or natural persons who apply for the moratorium on loan payments in Panama must prove to the banking institutions that they have been economically affected by the outbreak of covid-19 and that they cannot cancel their quotas.

Wednesday, May 6, 2020

On May 4, it was announced that the Executive and the banking sector agreed to extend until December 31 of this year the moratorium on loan payments, a measure that applies to mortgages, personal loans, the agricultural and livestock sector, commercial loans, the transportation sector, automobiles and credit cards. However, the banking union clarified that the measures are not automatic.

You may be interested in "Covid-19: Outlook for the Financial Sector"

Aimeé Sentmat de Grimaldo, president of the board of directors of the Panamanian Banking Association (ABP), and Carlos Berguido, executive president of the ABP, detailed the mechanisms to be applied to the moratorium.

According to Elcapitalfinanciero.com, in order to benefit from this measure ... Each client must have constant communication with their bank to explain the cause of the decrease in their income and the bank will determine the measure of financial relief."

The article adds that "... Among other evidences that the banks accept, they highlight the dismissal or the suspension of contracts (in fact, the ABP is establishing contacts with the Ministry of Labor and Labor Development, Mitradel, to accelerate the knowledge of the cases). In the case of companies, demonstrate that the business is closed, that there are decreases in income, show average balances, among other financial mechanisms."

Ask for specific forecasts for your country and your business sector in the interactive report "Information System: Covid-19 and Business Outlook."

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More on this topic

Moratorium on credits: Law Enacted in Panama

July 2020

A law was published in the Official Journal establishing a moratorium on loans granted by banks, cooperatives and finance companies, both public and private, until December 31, 2020, for natural and legal persons affected by the pandemic.

The law promulgated on July 1 in the Official Journal, states that the benefits of the moratorium will be available to persons whose employment contract has been suspended or terminated, independent workers and traders whose activity has been affected by the health measures applied by covid-19.

Credits in Panama: Moratorium Until the End of 2020

May 2020

The Executive and the banking sector agreed to extend until December 31st of this year the moratorium on credit payments, a measure that applies to mortgages, personal loans, the agricultural sector, commercial, transportation, auto and credit cards.

The government also reported that in the context of the covid-19 outbreak, President Cortizo sanctioned Bill 295 which adopts special social measures for the temporary suspension of payment of public services such as electricity, fixed and mobile telephony and Internet.

Panamanian Banks Give Extensions to Clients

March 2020

In response to the country's health crisis, 15 banks have granted a 90-day extension for their customers to make their personal credit card, home mortgage, vehicle and personal loans.

Until March 31st, the financial institutions that confirmed that had granted the extension to their clients are BAC Credomatic, Banco General, Banistmo, Banco Nacional, Global Bank, Multibank, St.

Payment Suspension: Controversy in Panama

March 2020

As a result of the economic effects that the outbreak of covid-19 will cause in the National Assembly, a general suspension of the payment of taxes, basic services and bank credits for three months is proposed, but the businessmen think that it is not suitable to generalize the measures.

Bill No.

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